Lithuania continues with solid economic growth, which has been fueled by investments and exports. In 2018 GDP growth is forecasted to reach 3.4%.
Only a single A class project was delivered in Q1 2018, which added 6,800 sq m to the total office stock. Vilnius office stock currently stands at 637,900 sq m.
The office stock pipeline is impressive for the Vilnius market. If all the projects are delivered according to the plans presented by developers and there are no significant delays, by the end of 2021 Vilnius office stock will climb to over 1 mln sq m.
Office take-up reached approximately 14,900 sq m, in-line when compared to the previous period.
The most notable transaction was a pre-lease executed by SEB bank with 10,000 sq m of floor space next to Konstitucijos Ave.
The total vacancy rate decreased 1.5 p.p. to 3.1% compared to the previous period. The A class office vacancy rate reached the 1.0% level, with B class – 4.4%. The vacancy rate is among the lowest in the region and could decrease even more in the short-term.